62450 Property Tax Rate

Property owners in ZIP code 62450 (Olney, Illinois) pay a median of $1,765/year in property taxes on homes valued at $111,600. This translates to an effective tax rate of 1.58%, which is 16% below the Illinois state average of 1.88%.

The monthly property tax burden for a median-valued home in 62450 is approximately $147, which factors into escrow payments on mortgages. This ZIP code is located within Richland County. This is $1,736 less than the Illinois average of $3,501/year.

Compared to similar ZIP codes in Illinois, 62450 has higher property taxes. ZIP codes with similar effective rates include 61323 (1.58%) and 60527 (1.58%).

In Olney, property taxes represent approximately 2.9% of the median household income of $60,133, providing context for the relative tax burden on homeowners in this area.

Illinois caps assessed value increases at 7% annually, keeping your tax bill stable even as the local real estate market heats up. Richland County's General Homestead Exemption ($10,000 off assessed value) applies to primary residences and saves owners roughly $201–$403 per year at this county's elevated rate. File your exemption with the Richland County Assessor within 30 days of purchase to ensure the benefit appears on your first tax bill.